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In compliance with the Central Bank of the United Arab Emirates, new regulatory requirement concerning inward wire transfers, we would like to bring to your attention that it is mandated to include a Purpose Code in all remittance payments made to UAE, regardless of the currency, effective of 1st of September 2018.
For ease of reference, please
click here for the list of Purpose Code.
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As your banking partner, BBK is keen to ensure that any transaction that you initiate, through any of the channels available for transfers to KSA, is smooth, and would like to highlight that in order for payments to be credited to beneficiary accounts in KSA, you are kindly requested to ensure supplying the payment purpose with every payment instruction to KSA (in the "Remittance Information" section of the remittance application).
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